VanEck Adds Staking Rewards to Solana Investment Product in Europe
The post VanEck Adds Staking Rewards to Solana Investment Product in Europe appeared on BitcoinEthereumNews.com.
VanEck Europe’s exchange-traded note (ETN) for Solana underwent a key transformation Monday, offering Solana staking rewards for investors across the European Union. Listed on the Euronext Amsterdam stock exchange in the Netherlands, the $74 million product will now accrue Solana rewards that are reinvested daily, the firm said. Dubbed the VanEck Solana ETN, the change represents a new form of passive income for the fund’s investors. Every day, Solana staking rewards will be reflected in the ETN’s net asset value, VanEck said. As those rewards are reinvested, the payouts from delegated Solana will be reflected in an increased amount of SOL that each share accounts for, the asset manager added. 🚨VanEck EU Enables Staking for the $VSOL Solana ETP (AUM= $73M) 🚨 > Rewards Accrue & Re-Invested Daily > Staking Rewards Included in End-of-day NAV Daily. > VanEck to Manage Staking Exposure to Ensure Daily Liquidity@vaneck_eu ⬇️ pic.twitter.com/ynDZytbf5i — matthew sigel, recovering CFA (@matthew_sigel) October 21, 2024 On staking rewards, VanEck said that it will charge investors a 25% fee. The decision follows a similar switch flipped in April, enabling exposure to Ethereum staking rewards on VanEck’s Ethereum ETN. In the United States, staking rewards for crypto ETFs haven’t yet been approved by the Securities and Exchange Commission (SEC). When VanEck filed a registration statement for a spot Solana ETF in June, the firm made clear that staking would not be part of its product for American investors. Instead of leveraging the fund’s backing to earn rewards, the firm signaled that the “VanEck Solana Trust” would instead hold its Solana in reserve—mirroring spot Ethereum ETFs approved in the U.S. earlier this year. Without offering investors the benefits of staking rewards, spot Ethereum ETFs have seen modest adoption since their launch in late July. Across a clutch of nine products, spot…
Filed under: News - @ October 22, 2024 9:15 pm